BEFCOR Gives NC Business A New “Lease” on Life!
Posted by Business Expansion Funding Corporation on September 12, 2011
For Larry Brank – co-owner of the Cheshire Fitness and Racquet Club in Black Mountain, N.C. – the clock was ticking. While the company thrives in the Black Mountain area, Brank had been leasing for years and his lease was expiring at the end of this September. That meant new negotiations and potentially more “rent money” out the door over what was already a steep monthly payment.
Fortunately, through an associate Brank and his business partner, Dave Wilks, discovered BEFCOR. Although they didn’t realize it at the time, their business was about to change greatly — and all for the better. As Brank said, “I can’t say enough about how great BEFCOR is!” Brank and Wilks now own the beautiful facility they’ve been leasing for years. “I didn’t think something like this was possible in the current economy, but my BEFCOR rep, Jean Moody, never gave up on us and worked diligently to get the deal done,” says Brank. And while he had been sitting on an SBA loan approval for several months, he had been having difficulty finding a bank to act as a lending partner. But BEFCOR’s Moody was relentless in her search and ultimately teamed with Capital Bank to close the deal.
Along with the great sense of freedom that comes with “not being beholden to anyone,” Brank says the biggest plus has been the substantial improvement in cash flow noting, “We can own much cheaper than leasing.” The BEFCOR loan has provided great relief in Brank’s operating costs and the future looks very bright indeed. That’s important to the Cheshire Fitness and Racquet Club because as Brank says, “We’re in it for the long haul. We plan to be here a long time.”
Maybe best of all, the change at the beloved fitness complex hasn’t been lost on its community. To celebrate the purchase of the facility, Cheshire Fitness held a free cookout for members and their families, many of whom personally expressed their personal congratulations and joy to Brank and his staff. Overall Brank says the experience was a great one and he would highly recommend BEFCOR to any business owner looking to purchase business real estate.
